Q3 2023 Coconut Grove Market Report

COCONUT GROVE JOURNAL OF REAL ESTATE 2023

Q3

MARKET REPORT

3685 ROYAL PALM AVE GARDEN - 21,000 SQ. FT. LOT

Be sure to hire an expert in the Coconut Grove market.

You deserve local expertise and the finest national and international marketing.

This is what we provide.

Alba Biondi/ 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com GroveExperts.com

Isabelle Andrews & Alba Biondi Over $150 Million In Sales We speak English, Spanish, French, and Italian.

Dear Neighbors, The third quarter 2023 Coconut Grove real estate market continued the trend to all-time high median sold prices for both the home and condo markets. The home median sold price was $2,196,000, and the median sold price for the condo market was $1,480,000.

Twenty-three homes were sold compared with 35 last year. Home sales performance decreased by 50% in the $1M to $3M market segment. The main reason for this significant decrease was the lack of available inventory at that price point.

Eighty homes were available for sale compared with 91 last year. This represents a very low inventory.

Previously, Coconut Grove offered around 200 homes during pre-Covid times before the market went wild.

Cash transactions have dominated the home market with a 61% share.

Condo market sales performance is skewed by developer sales, which are not public information and not accounted for in this analysis.

Fewer units in the resale condo market have sold this year due to a lack of inventory in the $1M market and below. The median sold price increased by 92%. Park Grove and Grove at Grand Bay apartments are coming to the resale market and creating an emerging resale luxury market.

Cash transactions represent 70% of all condo sales.

Overall, Q3 2023 Coconut Grove sales performance was superb for both the home and condo markets. Is the market leveling off?

The asking price for more than 30% of all homes and condos on the market has decreased at least once during the last few weeks. This magnitude of price adjustment has not been seen since 2019.

Every price bracket represents a unique market with its own behavior and projections.

We will be happy to meet with you for a discreet and confidential market analysis of your property.

Regards, Isabelle and Alba

THIRD QUARTER COCONUT GROVE SINGLE-FAMILY HOME MARKET FOR THE YEARS 2020–2023 Q3 2020

Q3 2021

Q3 2022

Q3 2023

52

84

35

23

TOTAL SALES VOLUME

$82M

$256M

$113M

$73M

MEDIAN SOLD PRICE

$1,106,500

$1,650,000

$2,050,000

$2,196,000

MEDIAN SOLD PRICE PER SQ. FT.

$509

$651

$1,003

$970

% OF CASH TRANSACTIONS

33%

59%

71%

61%

# HOMES FOR SALE END OF SEPTEMBER

141

58

91

80

NUMBER OF HOMES SOLD

Q3 2023 SINGLE-FAMILY HOME MARKET FACTS $14,000,000 was the highest sale. This waterfront home is located at 3648 Matheson Ave. It was built in 2023 and offers 6,737 Sq. Ft. of living space on a 15,500 Sq. Ft. lot. $2,078 / Sq. Ft. was the sold price. The sale was a cash transaction. $755,000 was the lowest sale. This home is located at 3572 Franklin Ave. It was built in 1962 and offers 1,255 Sq. Ft. of living space on a 5,000 Sq. Ft. lot. $602 / Sq. Ft. was the sold price. The sale was a not cash transaction. $2,196,000 was the median Coconut Grove sold price. A home located at 4191 Braganza Ave. represents a median-priced home. It was built in 1953 and offers 1,847 Sq. Ft. of living space on a 12,474 Sq. Ft. lot. $1,189 / Sq. Ft. was the sold price. The transaction was a cash transaction.

COCONUT GROVE SINGLE-FAMILY HOME MARKET–FOR SALE VERSUS SOLD PER PRICE POINT. Chart Title 45

42

40

HOMES

35

30

30 25 20 15

11

11

10

9

7 3

5 0

1

1

0-$1M

$1M-3M

$3M-$6M

#HOMES# SOLD Q3SOLD 2023Q3 2023 HOMES

1

$6M-$10M

0

$10M+

#HOMES FORFOR SALE AS OF OCTOBER 1ST, 1, 2023 # HOMES SALE AS OF OCTOBER 2023

It is a seller’s market for properties priced below the $3M price point. It is a buyer’s market above the $3M price point.

THIRD QUARTER COCONUT GROVE CONDOMINIUM MARKET FOR THE YEARS 2020–2023 Q3 2020

Q3 2021

Q3 2022

Q3 2023

55

80

47

37

TOTAL SALES VOLUME

$50M

$95M

$48M

$112M

MEDIAN SOLD PRICE

$500,000

$859,000

$769,500

$1,480,000

MEDIAN SOLD PRICE PER SQ. FT.

$371

$571

$602

$965

% OF CASH TRANSACTIONS

49%

57%

59%

70%

# CONDOS FOR SALE END OF SEPTEMBER

235

N/A

62

73

NUMBER OF CONDOS SOLD

Q3 2023 CONDO MARKET FACTS $19,250,000 was the highest sale. The condo is at “Grove at Grand Bay” located at 2675 S. Bayshore Dr. Built in 2016, it offers 6 bedrooms, 7.5 bathrooms, and 9,513 Sq. Ft. of living space. $2,024 was the sold price per Sq. Ft. The sale was a cash transaction. $275,000 was the lowest sale. The unit is situated at 2924 Day Ave. Built in 1966, the property is a one-bedroom condo with 574 Sq. Ft. of living space. $1,480,000 was the median Coconut Grove sold price. The unit located at Park Grove represents the median-priced condo. It was built in 2018 and offers 2 bedrooms and 2.5 bathrooms in 1,107 Sq. Ft. of living space.

Chart Title 40

37

35 30

CONDOS

25 20 15

15

15

12

10

10 5 0

7

5 2 0-$1M

$1M-3M

$3M-$6M

$6M-$10M

3

4

$10M+

# CONDOS SOLD Q3 2023#CONDOS # HOMES AS OF OCTOBER1ST1,, 2023 2023 #CONDOS SOLD Q3 2023 FOR FOR SALESALE AS OF OCTOBER

It is a seller's market for all price points.

OUR ACTIVE LISTINGS

3685 ROYAL PALM AVE, SOUTH GROVE

3141 JEFFERSON ST, NORTH GROVE

3240 MARY ST #S202, COCONUT GROVE

4145 PAMONA AVE, SOUTH GROVE

3 B E D S | 3 B AT H S | 3,292 S Q. F T. | $8,499,000

1 B E D | 1 B AT H | 507 S Q. F T. | $385,000

3 B E D S | 2 B A T H S | 1 ,1 9 9 S Q . F T . | $ 1 , 9 9 9 , 0 0 0 O R $ 6 , 0 0 0 / M O .

3 B E D S | 3 B AT H S | 2,330 S Q. F T. | R E N TA L $9,700/M O.

3545 E FAIRVIEW ST, COCONUT GROVE

6 B E D S | 6 . 5 B A T H S | 4 ,9 1 4 S Q . F T . | $ 3 , 9 0 0 , 0 0 0 O R $ 2 2 , 0 0 0 / M O

FACTS ABOUT ISABELLE & ALBA

Isabelle Andrews & Alba Biondi

• Award-winning real estate agents since 2012 • Berkshire Hathaway HomeServices EWM Realty Top Producers • Coconut Grove real estate market experts: single-family homes, condos, land, and townhouses • Speak English, Spanish, French, and Italian fluently • Publishers of the Coconut Grove Journal of Real Estate since 2011 • Producers of the Grove podcast, a source of real estate market information • Record-breaking agents

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